Believe it or not, according to a recent Gallup poll, people over the age of 50 are more than twice as likely to start a business as Millennials. When people think of entrepreneurs, they tend to imagine an individual fresh out of college, with the world thrown at their feet and untapped potential and talent. However, as people live longer and healthier lives, it is becoming more common to see older individuals owning their own businesses – proving it’s never too late to chase your dreams.
According to USA Today, this extended ability to work is called the “longevity bonus”. Healthier individuals may have up to 15 to 20 years of productivity after they retire. Some baby boomers choose to start a small business out of financial necessity. Others are bored of the retired lifestyle and want to take advantage of the available technology. They wish to create a business model that would have not only been impossible a decade ago, but also unthinkable.
Another contributing factor is that individuals over 50 generally have more savings they can draw from. If you combine this with the decades of experience baby boomers have in industry knowledge, you can see why they are in a great position to benefit from starting their own business. Unfortunately, individuals that have plenty of working capital to invest, also have capital to lose. Because they obviously have a shorter time span to continue earning money, bad credit issues from bad business decisions can be catastrophic.
If you have already found yourself in this situation, it is possible to get a cash advance with bad credit. High risk providers like firstamericanmerchant.com can offer the cash advance you need to get your business back in order. Whether your bad credit issues are personal or from a failed business venture, it is still possible to find solutions to your needs.
If you are over 50 and are in the middle of starting your own business, consider the following tips as you finalize your plans:
- Reconnect with your network. Do you have a Rolodex full of friends, acquaintances and business associates? Now is the time to reconnect. These relationships can ensure that you have a strong team of referrals and advice-givers around you. Rome wasn’t built in a day, and it wasn’t built by one person alone.
- Know what you can and cannot handle. Working, creating and planning starts early and extends long into the night for successful entrepreneurs; this can be a challenge for those over 50. Starting a business isn’t just about investing money. It may require more working hours than a previous job.
- Make sure you keep it simple. You’ve earned the less stressful golden years of life. In order to keep it that way, choose a business model that is simple and involves low overhead. The less expenses involved, the less you need to worry about improving sales and growing your business. One of the best options is starting a business that you can do from home (consulting, education, online sales, marketing services, IT support, etc.). Don’t be afraid jump out of your comfort zone and dive into a new industry.